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Macroeconomic Theory
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Macroeconomic Theory
A Dynamic General Equilibrium Approach
Michael Wickens
Princeton University Press
Princeton and Oxford
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Copyright © 2008 by Princeton University Press
Published by Princeton University Press,
41 William Street, Princeton, New Jersey 08540
In the United Kingdom: Princeton University Press,
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All Rights Reserved
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A catalogue record for this book is available
from the British Library
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typeset by T&T Productions Ltd, London
Printed on acid-free paper ∞∈
Printed in the United States of America
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Contents
Preface xiii
1 Introduction 1
Dynamic General Equilibrium versus Traditional Macroeconomics 1
Traditional Macroeconomics 3
Dynamic General Equilibrium Macroeconomics 4
This Book 7
2 The Centralized Economy 12
Introduction 12
The Basic Dynamic General Equilibrium Closed Economy 12
Golden Rule Solution 14
The Steady State 14
The Dynamics of the Golden Rule 16
Optimal Solution 17
Derivation of the Fundamental Euler Equation 17
Interpretation of the Euler Equation 19
Intertemporal Production Possibility Frontier 20
Graphical Representation of the Solution 20
Static Equilibrium Solution 21
Dynamics of the Optimal Solution 23
Algebraic Analysis of the Saddlepath Dynamics 25
Real-Business-Cycle Dynamics 27
The Business Cycle 27
Permanent Technology Shocks 28
Temporary Technology Shocks 29
The Stability and Dynamics of the Golden Rul